宁波波导股份有限公司2025年度业绩预告监管工作函回复公告详解

核心要点

• 公司预计2025年度营业收入达4.7亿元，同比增长30.53%，主要业务板块均实现增长。
• 归母净利润预计为600万至800万元，同比增长约36%，但扣非后归母净利润仍为负值（-650万至-450万元）。
• 毛利率整体提升至15.89%，较上年增加2.72个百分点，其中手机及配件毛利率显著提升，智能设备收入和毛利率大幅增长。
• 车载模组和智能设备业务增长迅速，受益于汽车产销量创新高和智能化趋势。
• 公司主要客户和供应商结构出现较大变化，新市场、新产品和新客户带来业绩增量。
• 营业收入扣除项目达2,606.63万元，涉及材料销售、租赁及后勤服务等非主营收入。
• 公司资产减值计提正常，未见重大异常，2025年计提坏账90.18万元，存货跌价576.49万元。

详细分析

业务板块增长及结构变化

025年公司营业收入预计达到47,069.03万元，较去年增长30.53%。增长来源主要为：

• 手机及配件：收入达到15,324.41万元，同比增长29.91%；毛利率提升至6.32%，主要受境内外销售增长、质量提升及手机毛利率提升影响。
• 车载模组：收入14,945.63万元，同比增长75.57%，毛利率为19.42%，略有下降，受益于汽车及摩托车智能仪表需求大幅增长。
• 智能设备：收入7,862.54万元，同比增长106.82%，毛利率提升至15.09%，得益于重庆子公司公共安全智能设备业务纳入合并，及网络接入设备需求增加。
• 模块加工：收入5,527.24万元，同比增长22.87%，毛利率为21.24%，略有下降，受下游客户物联网需求拉动。

公司整体收入结构基本稳定，但智能设备和车载模组占比提升，反映行业趋势和公司业务转型。

境内外收入结构变化

境内收入占比提升至79.76%，同比增加6.76个百分点，主要得益于车载模组和智能设备业务在国内市场增长。境外收入主要为手机及配件，占境外收入的94.82%。境外客户包括CHINABIRD CENTROAMERICA. S.A.等，客户经营稳定，未现异常。

毛利率变化及同行业对比

025年公司毛利率整体提升，各主要业务毛利率均与行业可比公司持平或略有提升。手机及配件毛利率提升显著，主要因去年质量瑕疵导致毛利率异常低，今年恢复正常水平。车载模组毛利率略降，符合行业趋势。智能设备毛利率提升，得益于高毛利公共安全设备收入占比上升。模块加工毛利率下降，反映下游成本传导压力。

主要客户与供应商变动

公司主要客户和供应商名单出现较大变化，新增多家客户和供应商，反映新业务、新市场开拓成果。手机板块新增波翼（深圳）智能电子有限公司等客户，车载模组新增智能仪表和后视镜客户，智能设备板块新增重庆市巴南区木洞镇人民政府等。供应商方面，手机及配件板块新增深圳市小成科技有限公司等供应商，车载模组新增内存供应商，智能设备板块新增软件、结构件及电池企业。

费用及利润分析

销售费用、管理费用、研发费用均显著增加，分别同比增长90.72%、9.43%、53.38%，主要受重庆子公司纳入合并及业务扩展影响。财务费用减少，主要因利息收入下降和汇兑损失增加。投资收益减少，主要因理财规模和收益率下降。净利润增长主要受营业收入增长带动，但费用和非经常性损益抵减部分收益，导致归母净利润增幅小于收入增幅，扣非后净利润仍为负。

资产减值及营业收入扣除

025年公司计提信用减值损失90.18万元，存货跌价准备576.49万元。营业收入扣除项目合计2,606.63万元，主要为材料销售、租赁等非主营业务收入，以及部分难以形成稳定模式的尾货收入。公司核查未发现其他应扣除未扣除的情况。

投资者需关注的价格敏感事项

• 公司营业收入大幅增长，但归母净利润增幅有限，扣非净利润仍为负，显示公司盈利能力尚未根本改善，投资者需关注公司持续盈利能力。
• 智能设备和车载模组业务增长迅速，结构调整有望带来未来利润提升，但短期费用压力较大。
• 主要客户和供应商结构变化可能带来经营风险，尤其是新增客户和供应商的稳定性需关注。
• 营业收入扣除项目占比5.54%，投资者需警惕非主营收入对业绩真实性的影响。
• 资产减值计提正常，未见大额异常；公司会计师尚未完成年度审计，最终数据可能与业绩预告存在差异。

结论

宁波波导股份有限公司2025年度业绩预告显示公司在业务结构调整、市场开拓方面取得显著进展，营业收入和毛利率均有提升，智能设备和车载模组板块表现突出。然而，归母净利润增长幅度有限，扣非后仍亏损，短期盈利能力不足。费用大幅增加及客户供应商结构变化，需投资者重点关注。若未来公司能持续提升高毛利业务占比、控制费用，业绩有望持续改善，当前属于结构调整过渡期。

免责声明

本报道仅供参考，不构成投资建议。最终业绩数据以年度审计报告为准，投资者请关注公司后续公告及相关风险。

Ningbo Bird Co., Ltd. 2025 Performance Forecast Regulatory Letter Response Detailed Analysis

Key Points

• 2025 revenue forecast: RMB 470 million, up 30.53% YoY, with growth across all major segments.
• Net profit attributable to shareholders: RMB 6–8 million, up about 36%; however, after deducting non-recurring items, net profit remains negative (-6.5 to -4.5 million).
• Overall gross margin improved to 15.89%, up 2.72 percentage points; particularly strong growth in mobile devices and smart equipment gross margins and revenues.
• Automotive module and smart device segments grew rapidly, benefiting from record auto sales and industry smartification.
• Significant changes in main customers and suppliers, with new markets, products, and clients driving incremental results.
• Revenue deduction items reached RMB 26.07 million, mainly from material sales, rental, and support services not related to core business.
• Asset impairment provisions within normal range; 2025 provisions for bad debt RMB 901,800 and inventory write-down RMB 5.76 million.

Detailed Analysis

Segment Growth and Business Structure

025 revenue is expected at RMB 470.69 million, up 30.53% YoY, mainly from:

• Mobile & Accessories: RMB 153.24 million (+29.91%), gross margin up to 6.32%, driven by sales growth and margin recovery.
• Automotive Modules: RMB 149.46 million (+75.57%), gross margin 19.42%, slightly down, but volumes up driven by auto and motorcycle instrument demand.
• Smart Devices: RMB 78.63 million (+106.82%), gross margin up to 15.09%, due to consolidation of Chongqing subsidiary and strong demand for network access devices.
• Module Processing: RMB 55.27 million (+22.87%), gross margin 21.24%, slightly down, reflecting downstream cost pressure.

The company’s revenue structure is stable but shifting toward higher-growth segments (smart devices and automotive modules).

Domestic vs Overseas Revenue

Domestic revenue share rose to 79.76% (+6.76 ppt), mainly from growth in automotive modules and smart devices. Overseas revenue is mainly from mobile devices (94.82% of overseas sales). Key overseas customers are stable.

Gross Margin Trends and Industry Comparison

Company-wide gross margin rose, with most segments matching or exceeding industry peers. Mobile gross margin rebounded after last year’s quality issues. Automotive modules’ margin declined in line with industry trends. Smart device margin improved due to higher share of security equipment sales.

Main Customer and Supplier Changes

Significant changes in key customers and suppliers, reflecting new business and market development. New major customers in mobile, automotive, and smart device segments; new suppliers in mobile, automotive, and smart equipment. Investors should monitor stability and risk of newly added partners.

Expenses and Profit Analysis

Sales, management, and R&D expenses surged (+90.72%, +9.43%, +53.38%), mainly due to consolidation of Chongqing subsidiary and business expansion. Financial expenses dropped (lower interest income, higher FX losses). Investment income declined (smaller and less profitable financial investments). Net profit grew due to revenue, but expenses and non-recurring losses offset part of the gain, leaving post-adjustment profit still negative.

Asset Impairment and Revenue Deduction

2025 bad debt provisions: RMB 901,800; inventory write-downs: RMB 5.76 million. Revenue deductions: RMB 26.07 million (5.54% of revenue), mainly from material sales, rental, and support services. No other non-core or non-substantive income found.

Price Sensitive Matters for Investors

• Revenue is growing strongly, but net profit growth is limited and post-adjusted profits remain negative—investors should monitor sustainable profitability.
• Rapid growth in smart devices and automotive modules may drive future profit, but short-term expense pressure is high.
• Major changes in core customers and suppliers may imply higher operational risk; stability of new partners should be watched.
• Revenue deductions account for 5.54%; investors should be alert to the impact of non-core income on reported results.
• Asset impairments are within normal range; final audited figures may differ from forecast.

Conclusion

Ningbo Bird’s 2025 performance preview shows progress in business restructuring and market expansion, with higher revenue and gross margin, and standout performance in smart devices and automotive modules. However, net profit growth is limited and post-adjustment profits remain negative, with sharply rising expenses and shifting customer/supplier structure. If the company can continue to increase high-margin business share and control expenses, results may improve; currently, it is in a transitional phase.

Disclaimer

This report is for reference only and does not constitute investment advice. Final results are subject to audited financial statements. Please monitor subsequent disclosures and associated risks.

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